VTB’s European subsidiary changes its name to OWH SE – Kommersant
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Subsidiary of VTB (MOEX: VTBR) in Europe – VTB Bank Europe – changes its name due to the parent company’s ban on its use. About it Reuters said a representative of the European division. From April 1 VTB Bank Europe located in the process of liquidation.
The head of VTB Bank Europe, Frank Hellwig, told the agency that he contacted VTB head office to obtain permission to continue operating under the same name. According to Mr. Hellwig, he asked to keep the name for as long as the licensing agreement is in effect. However, VTB refused.
VTB Bank Europe will now be known as OWH SE. The name comes from the previous name of the bank Ost-West Handelsbank. The financial director of the European division, Miro Zadro, clarified that the liquidation process, which began in April, will most likely last several years.
VTB lost its voting rights in VTB Bank Europe in April 2022, after the introduction of EU sanctions against the Russian bank. As a result, VTB suffered a significant loss when the subsidiary bank was written off from its balance sheet. VTB Bank Europe SE itself began the liquidation process on April 1, 2023.
In September VTB submitted a lawsuit against VTB Bank Europe with the intention of collecting a debt in the amount of €112.6 million. We are talking about collecting funds stuck in the bank’s correspondent account after the imposition of sanctions against VTB. At the end of October, the court received a second lawsuit from VTB against its former subsidiary. Now the bank has asked to impose a ban on filing lawsuits in foreign courts.
Read more in the Kommersant article. “Where I was born, I sued there”.
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